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FOREX Africa: Are Central Banks Ready For Brexit?

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An Eritrean poses next to an abandon tank in Shambuko town (Image: Ed Harris/Reuters) An Eritrean poses next to an abandon tank in Shambuko town (Image: Ed Harris/Reuters)AFKI Original

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  • Features

    12 African Countries Where Elephants And Rhinos Could Soon Become Extinct

    amboseli national park By Lillian Mutiso, 6:02 am AFKI Original

    Africa’s population of elephants and rhinos is increasingly faced with the threat of extinction. This is due to increased illegal poaching for their treasured horns and ivory, which are usually sold in mostly Asian markets such as China and Vietnam. There are about 470,000 elephants left in Africa. In 2015, 1,338 rhinos were killed across the continent. Below are 12 African countries where the two animals are faced with the threat of extinction.

  • Agriculture

    Here Is How African Markets Reacted To Brexit

    A woman looking at a chart showing the drop in the pound sterling against the US Dollar in London on June 24, 2016  (Daily Nation/AFP PHOTO) By Kevin Mwanza, 5:04 am

    Results of a referendum in the United Kingdom on Thursday to leave the European Union shocked markets across the globe, with over $2 trillion wipe out in a single day. African economies were not spared the volatility that the Brexit vote caused on different asset classes. Currencies, stocks and bonds plunged across the continent after the UK’s vote to leave. Africa’s largest economies – that have been struggling with commodity prices rout – were the most affected

  • Business

    Brexit Reaction From Africa: Not A Good Day For Those Dependent On Dual-Listed Firms

    Brexit reaction from Africa By Staff, 12:04 am

    For many in Africa, Friday was just another day. The U.K. announced the decision by Brexit voters to leave the E.U. Ifeanyi Uddin, head of business intelligence at First Bank of Nigeria, said on Twitter: “Brexit. OK, so the E.U. unravels. But I’ve got bigger worries living in Nigeria.” For Africans depending on dual-listed firms, it wasn’t a good day. One of SA’s largest pension funds, Old Mutual’s payout to shareholders will decline because of the pound’s decline against the rand.

  • Business

    Rivals Join Forces: Kenya Signs Oil Pipeline Deal With Ethiopia

    Kenya Signs Oil Pipeline Deal With Ethiopia By Staff, 12:03 am

    Kenya plans to start construction of the $2.1 billion crude oil pipeline and complete it in 2021. The crude oil pipeline will run from the coastal town of Lamu to Addis Ababa. Uganda initially expressed interest in a joint pipeline with Kenya but later opted to take its oil to overseas markets through Tanzania’s Tanga port. Ethiopia is eyeing gas production and exports starting in 2017.

  • Business

    Cheap Labor: Why Ethiopia May Become The African Industrial Powerhouse

    Africa's industrial powerhouse By Staff, 12:02 am

    You’d be hard pressed to find a country in the world that has cheaper labor than Ethiopia. However, manufacturing as a share of GDP in Ethiopia is 5 percent, well below the African average of 10 percent. The country also scores below the African average on diversification, export competitiveness, productivity and tech upgrading. Despite this, it’s not a long shot to predict that Ethiopia will soon catch up with countries like China and Vietnam in some low-tech manufacturing industries. These are industries for which labor costs are very important. Beyond these obvious industries, there are reasons to believe Ethiopia might be on the right track to catch up with more advanced economies.

  • Business

    Has Mask­ Making In Africa Succumbed Entirely To Market Forces?

    Mask­ Making In Africa By Staff, 12:01 am

    Since the 1950s, mask ­making in Africa has been a big industry in which craftsmen produce artificially aged new masks for a worldwide market. African art has given rise to its own form of kitsch, a décor for the masses. But the production of masks for popular consumption began long before that, when European colonizers began collecting tribal artifacts in the 19th century, and, in response, African craftsmen began to make works for the market that were separate from those created for their tribal ceremonies.

  • Markets

    Opinion: What’s Next For Egypt As Africa’s Second Largest Economy?

    President Al-Sisi. Photo: By Staff, 6:58 am

    Perhaps the best thing about Egypt’s emergence as Africa’s second largest economy, overtaking South Africa, is that it had nothing to do with a Gross Domestic Product (GDP) rebasing exercise ─ the periodic revision of GDP estimates, as done by Nigeria and Kenya in 2014, with a view to obtaining an up-to-date reflection of the economy and changing dynamics across sectors. Not to say that there is anything fundamentally wrong with GDP rebasing,

  • Health

    Why More People In Africa Will Soon Die Of Treatable Snake Bites

    snake By Staff, 6:42 am

    It sounds like a tale of corporate greed: A particularly effective African anti-venom soon will be completely unavailable because its manufacturer decided it was not profitable. Remaining stocks of the drug expire at the end of June. The situation has prompted aid groups like Doctors Without Borders to sound the alarm over the imminent shortage of Fav-Afrique, which treats bites from 10 types of snakes.

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